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CNBC
Jan 22, 2013 4:00pm EST
of any talk of fiscal restraint. we know regulations, taxes are going up 2013. kudos to corporate america for pulling in these numbers in this environment. >> how about david garrity? you want to weigh in on these numbers. >> 4% gain on the stock. >> on the ibm numbers, fear there would be around the conference call four years ago. their main stram, which they just launched to september saw good acceptance in the fourth quarter and all the concerns that people had about corporate investment and all that because of the fiscal cliff issue, tax reform. obviously these being put bait by what numbers are being put up in terms offing revenue strength. ibm a good bellwether versus tech bjorklund and paul, david, thipg thank you. my friend snow greco, when do you think in the market will go higher? >> i'll just plead the fifth on that. >> all right. i hear you. thanks for joining us. michael, rich, always good to see you. >> thanks, guys. >> to wrap up, ibm's solid beat on the bottom line and top line better than expected. >> google. top line. bottom line, we're working on it. coming up n
CNBC
Jan 22, 2013 7:00pm EST
the inaugural speech. will golf superstar pick up and leave high tax california? of course he should. we'll discuss his comments. excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say that? geico. just click away with our free mobile app. [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. >>> presidential inaugural addre addresses are supposed to be less than a campaign speech. listen for yourself. >> fidelity requires new responses to new challengemis. preserving freedoms requires collective action. to me that spells m
CNBC
Jan 24, 2013 4:00pm EST
coming up with a -- >> house majority leader eric cantor is there and says the to leaders tax eswill not sigo up. you're watching cnbc, first in business worldwide. >>> we have had a busy, a barrage of earnings. we've had microsoft and at&t and starbucks, all posting their latest quarterly results minutes ago right here on the show. let's get a roundup now that we've had time to digest and read through all the earnings action. rights, bertha? give it to us. >> reporter: not full digestion but a tummy still full looking at the numbers. fiscal second quarter for microsoft beats by a penny. street looking for 75 cents. refnous more or less in line. actually had missed on both the top and bottom line last quarter. take a look at the reaction of the stock. we've got microsoft here. there we go. it's still down, however. sold 60 million windows 8 loy senses. no details on the surface sales. that's something else people may ask on the license call. at&t, strong on the bottom line, and actually missed on both the earnings for the same quarter last year. they said they saw smartphone f
CNBC
Jan 22, 2013 1:00pm EST
michakelson tee off over his taxes. and he's not going to take it anymore, or is he? sue herera is live at the new york stock exchange. >> earnings are front and center with j & j, dupont, travelers all out with results. more on them in a few minutes. let's get you ahead of the curve. google is getting ready to report its latest results after the bell. fears about an ad revenue and major focus on those shares. google right now is down 3 bucks on the trading session. john is in silicon valley with what investor s need to know ahead of the numbers. >> couple of important themes this quarter, mobile and mobile. mobile's impacted on the core business. as more people do searches from mobile devices, google's revenue has been coming down. it's more than likely this trend will continue as smartphone and tablet sales spike. cbc could come down 11%. it was down 15% last quarter. then we have the nexus 7 and nexts 10 tablets. in q3, some analysts estimate google sold around 100 million tablets. and then you have motorola, and i am hearing the mobile phones are not selling that well. last qua
CNBC
Jan 23, 2013 7:00pm EST
data out of china, whether the payroll tax cut will cut into consumer discretionary spending down the line. apples ipads and iphones sold a lot but the profit margin was slim. is this a company story where the company is in trouble after the great steve jobs has passed snarp. >> it feels that way, larry. we've got this darling-to-dog story we've seen so often notice tech space. we have a gadget company in the tech space that's struggling with margins on its gadgets and a lot of the worst fears that they would face other gadgets from other kinds of companies seem to be coming to pass, but the service tech companies like google and netflix, they're all of a sudden out there increasing share. >> knock the cover off the ball. >> knock the cover on. and as long as you have a razor blade story and not a razor story, i think that's the difference peer. >> dave goldman, am i wrong? sometimes ji am very wrong. does this forecast a stronger american economy, even a moderately stronger economy? >> absolutely not. i was a raging bull in 2012. i'm neutral on it. the s&p is trading tick for tic
CNBC
Jan 24, 2013 7:00pm EST
think that's going dissipate through the year. the consumer is in a worse spot primarily because of tax hikes. supply side economics, right. so apple is a consumer company for the most part and i think that any consumer company will struggle. >> that's an important point. let's follow that point. is part of this apple drop weakness in consumer spending or expected weakness, or is it, in fact, the competition from samsung and the fact that the company is not executing. in other words is it a company story, an economics story, what is it? >> there's a lot of company specific stuff going on just comparables this quarter versus a year ago. that's part of it. it's a maturing company to a degree. it's going through its growth phase. now getting into the phase which hopefully will last a long time you focus on return on invested capital. that could be fine. the market has to adjust to that perception. i think the consumer point is a good one. is the consumer going retrench with higher taxes and we see the jobless claims out the last few weeks -- >> coming down. >> they are looking great. >> is
CNBC
Jan 24, 2013 1:00pm EST
state. did raising taxes work for california? we know it didn't work for phil mickelson. >> we hope he doesn't move away because we need him in his state of the state speech, governor quotes genesis seven years of fat followed by seven years of lean. he says the fat is back. and up next, what he plans to do about it. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. executor of efficiency. you can spot an amateur from a mile away... while going shoeless and metal-free in seconds. and you...rent from national. because only national lets you choose any car in the aisle...and go. you can even take a full-size or above, and still pay the mid-size price. now this...will work. [ male announcer ] just like you, business pro. just like you. go national. go like a pro. tdd# 1-800-345-2550 when the sp
CNBC
Jan 28, 2013 1:00pm EST
call it maintenance. >> okay. >> homeowner association and real estate taxes are combined in one monthly figure. and what the number? including made service twice a day. and all of the other amenities which come with this, which include a spa. >> maybe up into the 50s. >> a little under $60,000 a month. >> that actually very reasonable. >> yeah, very reasonable. with maintenance fees, that around $720,000 a year. include care takers, your insurance, cleaning staff and more. and it probably cost around $1 million a year, just to keep the lights on in this apartment, in the historic sherry ledgerland building. maintenance fees are popping up all over high end in new york city. if you bought a 1200 square foot condo, that will cost you around $2,000 a month in maintenance fees. on top of mortgage and utility. what do you get for that $60 grand at sherry netherland. made service, restaurant downstairs, should be all you can eat for that amount. el rater operators. and three private elevators. to see more of the $95 million mega mansion and go one on one with dolly lands, and secret l
CNBC
Jan 29, 2013 2:00pm EST
$10,000 for fourth wheel. >> we met that car. >>> why is washington obsessing about tax hikes and spending cuts alone in what about growing the economy some we're going to dig into that in the second installment of our grow up series. >> in the moon time, major story developing in the sports world. a new report says some of the biggest baseball players are still doping and they have proof. details coming up. ♪ [ male announcer ] some day, your life will flash before your eyes. make it worth watching. introducing the 2013 lexus ls. an entirely new pursuit. tdd#: 1-800-345-2550 hours can go by before i realize tdd#: 1-800-345-2550 that i haven't even looked away from my screen. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that kind of focus... tdd#: 1-800-345-2550 that's what i have when i trade. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 ...helps me keep an eye on what's really important to me. tdd#: 1-800-345-2550 it's packed with tools that help me work my strategies, tdd#: 1-800-345-2550 spot patterns and
CNBC
Jan 25, 2013 6:00am EST
mean just raising taxes? isn't most of the austerity in europe raising taxes? >> no. >> not in greece? >> it would actually be starting to collect taxes. >> we raise taxes, which have to do with the middle class -- >> that's the austerity you're talking about, raising taxes? >> yes. >> and also the cutting of wages. we have a dramatic cut in wages, not only in the public sector, but also in the private sector. because the economy, the basis itself on small and medium enterprises, which mainly produce for the domestic market, this has been a distraction. we have lost a lot of jobs, a lot of company, the private sector in a very bad state, in a country which was growing with a rate of more than 4%. but this double -- >> so much more than you were taking in at that point. there's a deficit that has to be paid off. and the measures you're talking about, technology and organizing the economy could take a long time to kick in. >> this is correct. but the main problem in greece was always state revenues. because they do not tax the rates. they allow tax evasion for the wealthy people
CNBC
Jan 20, 2013 7:30pm EST
. retail sales were up more than expected in december, 0.5%. americans ignored worries about higher taxes and kept heading to the stores. consumption makes up 70% of the u.s. economic growth. the debt ceiling debate, a presidential report card, and a quiet market rally. what does it mean for your money? joining us now, jared bernstein and former chief economist to vice president biden. also with us is a chief investment strategist with blackrock. thank you so much for joining us. >> thanks for inviting us. >> thank you. >> russ, let me kick it off with you. friday, a pretty good rally. is this rally for real? do you think it's sustainable going forward as we continue through this earnings period? >> i think in the short term it is. i think we're probably going to hit a road bump in february. the reason i say that is we've got a lot of flows coming into the market early in the year. people are nervous in december. they're coming back into stocks. that's a good thing over the longer term. we do have some issues coming up. the debt ceiling, obviously one of them. the second question is as we
CNBC
Jan 22, 2013 9:00am EST
this? phil mickelson, why is he paying 62%, 63% tax? >> i like the nike add. >> all that, plus the opening bell in just a moment. [ construction sounds ] ♪ [ watch ticking ] [ engine revs ] come in. ♪ got the coffee. that was fast. we're outta here. ♪ [ engine revs ] ♪ [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪ >>> you're watching cnbc "squawk on the street" live from the financial capital of the world. the opening bell is going to ring in a little less than 90 seconds. a busy week. everything from apple to microsoft to bristol-myers reporting earnings. we talked about some of the highlights. also, davos happening. you never know what could come from the other side of the planet. >> a lot of hitters there. periodically getting a new story. we have maria over there, and steve liesman, i mean, it's really -- we're bringing out th
CNBC
Jan 22, 2013 6:00am EST
imposing a tax on all financial market transactions and measures likely to unsettle banks and houses. for more on the story coming out of europe today, let us head to london to kelly evans who is standing by this morning. i like that necklace. i don't know what it means -- what it's saying to me. it kind of looks like -- >> it's telling you to buy goad, joe. it's a subtle signal to investors. i coordinate my wardrobe with the prevailing market move. >> yeah. >> i was thinking you were stepping out there. is that attached to the wall behind you? are you allowed to move or has ross got you -- >> it's attached to my wrist here with the same thing going on. >> oh, my god. i am actually chained to the desk here because ross westgate, lake-effect snow, is in davos and he will have the very latest out of there and "worldwide exchange" for the rest of the week. we'll also see maria bartiromo there. in the meantime, before that meeting gets under way, france and germany are celebrating their friendship treaty today. it's all about markets in japan and, in fact, we want to give you a sense of
CNBC
Jan 25, 2013 7:00pm EST
have we done? we've raised taxes by $200 billion a year. the reason that u.s. stocks are up 5% after this horrible thing we've done to our selves that under norm circumstances would cause a recession is because we're in a global economy and every other major country in the world is doing the right thing while we're doing the wrong thing. that's propping us up. we're fine, we'll have a great year. these other countries doing things right, that aren't kicking the can down the road, they're going to have fabulous years. that's where you want to put your money, my friend. >> i was reporting in 2007 when we hit dow 14,000 and everyone got slammed on that. there's a hesitance at these levels. what's not getting talked about enough is the impact on consumer sentiment. if you go to any coffee shop, grocery store, anywhere in this country, people are looking at their 401(k), they feel better and i think that will translate into positive consumer spending, which filters into the whole economy. >> the retail investors is getting involved. the money flows are ramping up tremendously on the retai
CNBC
Jan 22, 2013 3:00pm EST
tonight. >> also, look forward to texas instruments numbers out tonight as well and a new tax on every share of stock you trade. she loves this story. looking more likely in europe. could it be a coming to wall street as well? the cd of td ameritrade will be joining us for that, among other things. earnings and lots more to talk with fred about. >> retail and whether investors are coming back. big nightmare for boeing, the dreamliner with problems and its stock still down. right now the news is not getting any better for the aircraft-maker. >> we've noticed a trend lately. you see some selling in the morning and then buying in the afternoon, and we have often thought of the afternoon trade as the smart money. >> and you see it right there on the intraday chart. i am so old, phil, i remember we introduced the infraday chart, a phenomenon that we could see what what is happening tick bytic, and there you see the pattern. >> and i'm so old we were handwriting the intradate chart. nasdaq doing the same thing. back in positive territory after spending much of the day negative. up three poin
CNBC
Jan 21, 2013 11:00am EST
something that could respectably be called tax reform or is that simply an exercise to raise a little bit more revenue? >> more of the latter than the former in my humble opinion. it's great they're all getting along today as hampton was telling us, but the idea of very deep tax reform seems pretty difficult given the disagreements up there. on the other hand, you were mentioning this earlier and i agree, the deal will involve both revenues, probably from the tax expenditure side, and spending cuts, and as has been said, the president has significant spending cuts on the table. >> corporate tax reform? >> possibly, but i'm not sure -- that again is going to be lower rate, broader base. i don't know if that's real massive tax reform. >> a second coming out for the obama daughters who have grown up before our eyes. >> people say that the president looks older. those girls look older than they did four years ago, and they, of course, have grown up in the bubble of the white house. >> in percentage terms they've gotten older than he has. >> absolutely. but there's not a gray hair on their hea
CNBC
Jan 23, 2013 4:00pm EST
that americans can make decisions, that set a more effective tax system, that reduced taxes going forward, we could have a booming environment. now, i may be wrong. that's my own personal belief. if we have a grand bargain, america would take off. it's important for america to get strong because the rest of the world needs us, to you know, because europe still has its issues and it will for a couple of years, so i think it's important that america kind of take the lead here, and i'm hoping our congress and our president that's what they do, and if they don't, jpmorgan will deal with it. it's not personal. it's about i want jobs. >> are you expecting a fight around the debt ceiling? do you think we'll have a disruption around this inability to compromise? >> i know nothing more than you other than what i read in the paper today and it seems like they are already starting to. could mice by pushing it out and asking for a budget which i think all seems rational and compromise by the way so i applaud them. >> what does your gut tell you about all the money moving into stocks recently?
CNBC
Jan 29, 2013 4:00am EST
france, because it's bankrupt, stephane? >> no. i went out of france for tax reasons. you know that. spain might be even more trying to reduce its public deficit over the next couple of years. european officials will not make a decision until next month when they will assess the spanish austerity program on the 22nd of january. it was explained that europe information would have to take into account the growth prospect of the fiscal space for each country in europe and could, indeed, soften the spanish deficit target if the economy continues to contract. that's precisely what we are expecting because for the fourth quarter, we are expecting the spanish gdp to shrink by 0.4%. for the time being, spain has a deficit target of 4.5% for 2013. that seems to be really ambitious if not out of reach. because to meet this new target, the government would need to find $20 billion of additional euro cut. that won't help the spanish economy to go out of recession. for that reason, oli rehn thinks spain will need some incentive from stimulus measure toes improve its economy and boost its labor m
CNBC
Jan 21, 2013 4:00am EST
issue is one of them. so more invasionive in terms of taxes, which clearly is happening. and less alienled on whgned on about it. should government tax harder or should spending be cut harder? not only is there no agreement, but the democrats now are saying, listen, forget the debt ceiling. let's get rid of that silly little thing. but do we actually need a budget? >> so we're learning that we may finally get a budget for the first time in what, three years? significant, though, because these are just templates. >> i great, they are templates. but letting go at a time when the debt is compounding is worrying. however, having said that, you can get worried about that as a market participant, but as long as the federal reserve has open ended quantitative easing, nothing is going to happen from the long end. >> from a market point of view, we were talking about allen capper about this last hour. but from a market point of view, the best outcome is something that lowers the long-term debt outcome. but we keep get ago worsening of the long-term debt profile and a hit to the near term.
CNBC
Jan 25, 2013 6:00pm EST
the tax laws allow that to be. i do believe it's going to blow a quarter. i think mtw should split itself up into two separate companies. food, service, and cranes. remember those ice machines when you go out to -- ice machines, you feel like you're getting something for free. it's really water. we also get results from beemus. its tom symbol is bms, which stands for buy my stock. here's the stock i mentioned earlier this week as part of the brand new bull market in packaging of all things. you're going to sey 15id that. i'm expecting a very good quarter after the close. we get the new one, the ipo, barry plastics. the other packaging bull market player. i think there's a lot to like here too. on the lookout for both of these. if buy my stock goes down ahead of when it reports, buy its stock. all right. now, on friday morning i think you're going to see the contrast between the world's largest oil company, exxon, which has truly become a serial disappointer, and chevron, which has become a company that delivers some true and positive surprises. which is why i even it for my charita
CNBC
Jan 23, 2013 3:00pm EST
the call says a year ago you reported certain items, your tax rate was a lot lower than normal. $12 million. what you did was, she said, was you made actual contributions to charity instead of delivering it to the bottom line and to shareholders. why did you do that? was that political? is that because of this situation right now the way we're talking about taxes in america? >> the short answer is no. we feel a responsibility to return to our community and for everything that they do, and we have created a foundation, and we focus on education. we focus on helping eliminate poverty in america, and we have very structured programs where we match employee gifts, and we're proud to save. >> you don't think the shareholders were angry about that or upset with that, or your first duty isn't to the shareholder? >> the shareholders would not have received -- would have received this and would have gone into our cash flow and more generally we have very substantial cash flow. we have no doubt. we're able to invest at the levels we want. >> okay. >> we're in a situation where we are able to
CNBC
Jan 23, 2013 2:00pm EST
. these will see double growth rates in the next few years. >> aren't public taxes supposed to destroy them? >> well, that is one risk on the equity side. we obviously are investing in the bond side and benefit on the bond side is that a lot of that free cash flow, we think is going to go towards organically delevering. many of the companies we are investing in, in fact mark west and targa are high yield. we see them going to investment grade and that the beautiful thing about bonds. those bond prices, believe it or not, can rise. even if rates were to rise. because of credit spread tightening. >> thank you very much for joining us. >> can i get one more question mark before you good? >> sure. >> since we are all jinglistic today. >> is there a country we are forgetting about? i point to my co-anchor. australia is doing well? is there a country doing well? >> we like the u.s. >> take that aussie. take it. >> okay. you like it a lot. but do you like it the best? back to brian's question. do you like it the best out of all of the -- >> vegamite or mayonnaise, lay it on the table. >> if y
CNBC
Jan 23, 2013 6:00am EST
. >> who's going to pay the dividends and interest and taxes to sustain an aging population if young kids are not trained in productive jobs? >> a huge issue. joe kernen's got a question. >> hi, joe. >> bob, what's going on? good to see you. we've got -- wow, you're getting kind of uppity. we've got to go all the way to switzerland to get you to come on the show now. >> it's always a pleasure to come on your show. >> a good friend, jack welch, i listen to what he says as basically gospel. but not everyone does. he tweeted recently about the inaugural speech and said no mention of economic growth or things to spur economic growth. no mention really of jobs and the unemployment rate. as the under secretary of the treasury for growth, when do you actually kick in to action? you can probably coast because we probably won't see any for a while with the latest policy. but do you get called into action when there is the prospect for some growth, or when do you actually start working on that? >> well, i think there's going to be growth. i think, in fact, growth's beginning to pick up in the
CNBC
Jan 27, 2013 11:00pm EST
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CNBC
Jan 22, 2013 5:00pm EST
relevant? >> it's never relevant. >> it's incredibly relevant. >> only to taxes. >> it's relevant from a standpoint of, what's your profit target? when do you think you should be out of this thing? tomorrow really shouldn't be a factor. at the end of the day, if you reached your profit target and you want to get out, great. >> i want to get the bottom line here. you are saying longer term you are concerned about apple's prospect but if you are a long-term investor, you should what? own apple or not? >> the bottom line is this, melissa. it's a great stock to own long-term. it's not a great stock to get into to start a new position in right now because all of the noise and all 0 the headlines that drives what happened in this thing. >> is it priced fairly? is there an attractive value proposition? these are the things you should be thinking about. >> absolutely. absolutely it's priced fairly i mean it's not priced fairly. if you look at amazon, we give amazon the benefit of the doubt with a 3,000 p.e. and i'm fine with that. i think they're going to execute its long-term plan really
CNBC
Jan 28, 2013 11:00pm EST
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CNBC
Jan 28, 2013 9:00am EST
moveing 5$50 billion euros of deriv take to take advantage of tax breaks. that will be popular and concern they have an exceptional threat to the republic of ireland if that blew up and the big day to this week is pmi's coming out of italy and spain. always forward-looking indicator where we might be going with the economy. could it be we have greater stability than we thought. that would be great. >> and we have numbers of our own. let's get a check on energy and commodities. good morning, sharon. >> good morning. we're looking at gasoline futures the leader, highs of the session up about 6 cents or so on the heels of hess announcing it is closing its refinery in new jersey. it prods 10,000 or i should say 50,000 barrels a day of gasol e gasoline, a small refinery compared to others but also key for the snoerk harbor area and why we're seeing an impact on the nymex crack. drivers are likely to see an increase and we could see 5-10% price jump in the new york area and along the east coast. we're watching what's happening with natural gas. it's fallen off a cliff due to we're lookin
CNBC
Jan 23, 2013 9:00am EST
states. concerns about like the sequester, entitlement and tax reform. policy action must urgently address the risks in the u.s. the key imf forecast headline numbers, 2% growth for the u.s. in 2013, rising above trend in the second half of the year. the forecast for europe, that area revised downward. expected to contract by .2 of a percent in 2013, rather than expanding by a modest .1% back in the forecast in october. no downgrade of growth in japan, despite renewed recession there. forecasts still for 1.2% growth in 2013. and finally, the prescription for china, sustaining a rapid growth, progress on market oriented and structural forms there and more emphasis on private consumption inside china. back to you guys. >> hampton pearson, thank you. >>> google shares up sharply this morning after the company beat estimates in the earnings, setting a surge in ad sales profit. both gentlemen this morning have raised price targets on google. you raised your rating to $900 a share. the price target, that is. you've got a buy rating on the stock. in terms of google, the valuations at this
CNBC
Jan 29, 2013 6:00am EST
on rye kind of what we're seeing. here is one thing that we're watching. the payroll tax increase didn't bother us when the price of gasoline was down. but over the past few weeks, we've seen the price of gas go up by anywhere from 30 to -- 25 to 35 cents per gallon. that really puts an impact on $20 a week for 50,000 in income. that price in gasoline really was going to make double hit behind the increase in payroll taxes. >> that is an interesting point. i hadn't really thought about that. when it comes to the jobs number on friday, kevin, tell me what you think the market is looking for? what would be really good news and what would be look out? >> they want it big. the guys are going to probably pull bids out and put up some shorts going into it. i'd watch for an air pocket down. my own opinion is i think you'll see a number finally over 250. we're overdue for that number. and -- >> the dawn of february 1st? >> they don't have time to cook the books by february 1st on that, do they? huh? >> it's friday. >> they're supposed to be good at it, i don't know. >> well, they are -- >
CNBC
Jan 23, 2013 4:00am EST
interesting that it's gaining more traction, right? >> it is. and you've got a financial tax being talked about in the u.k. >> yes. >> all sorts of different pressures on the -- in the -- facing banks now. and this is certainly not going to away any time soon. >> who's going to join us? >> right now we're going to talk to david rubenstein, the carlisle group. we'll talk about private equity. private equity has also been under attack in some ways. what i would like to know from david rubenstein is how they're allocating capital now. >> yeah. >> how do you make money in this environment, and is private equity expecting the kind of regulation that the big banks are going to face? >> and bmp -- >> yeah, coe. >> will join us. plenty more to come here in davos. kelly, meanwhile, we'll hand it back to you. we'll continue wheile hand it back to you. >>> we'll look at markets. futures gearing up for the trading session. a couple of fascinating stats, the down for three straight trading days, eight out of the last nine. five straight for the s&p 500. five-year highs for this index. we look a
CNBC
Jan 28, 2013 6:00am EST
maintenance fees are? this does include taxes, and it is a hotel. but it doesn't include your mortgage. you're paying $95 million. and then what do you pay -- >> during the commercial break i guessed 17 grand a month. >> i would like to raise that -- >> 17 grand a month? >> to 55 grand a month. >> very close. 60,000 a month in monthly maintenance fees. now that does include twice -- it includes maid service and a spa and some other things. so you're paying $95 million and then you're paying $60,000 a month in maintenance. but we bring you through all kind of apartments tonight. $160 million worth of real estate in new york. >> are these places back? i mean for awhile things crashed and nobody could afford these places. are they really back? because we still talk about how on wall street those pay packages are coming back. >> that's what everyone was saying a year ago, two years ago. two things happened. one is foreign money. i mean one of the great things about this show tonight is we bring you through with a russian buyer as he's in central park west. the russians, the chinese, the la
CNBC
Jan 22, 2013 2:00pm EST
. >>> phil mickelson is teed off about taxes. he is threatening to leave california thanks to a higher tax rate on the wealthy. we will talk to robert frank about this in a minute, but first, jane wells, does he have a point? >> the wonder is why he stayed so long, except san diego is a nice place. florida is nice, too. mickelson will pay california a new rate of 13.4% retroactive to the beginning of last year. running the numbers, "sports illustrated" estimates he made 60 million in 2012, that means 64 million in ju 6.4 million in california taxes, and he owes an extra 1.8 million. but if he moves, california loses everything. some of those smaller tournaments may leave the state if golfers decide to golf at rival events. tiger woods and the williams sisters long ago left california for florida, maybe not for tax purposes but they haven't moved back. lebron james went to the heat instead of the heat so the clippers could save tens of millions over his contract. and taxes were in the conversation when peyton manning was debating going to san francisco or the broncos. if we're not careful,
CNBC
Jan 25, 2013 9:00am EST
got plenty of room to make a good margin and pay this tax to microsoft for the operating system. i'm not so concerned about apple as much as just the whole market getting commoditized. on the consumer side, i think that's a tough market for microsoft. if you don't need office, you really don't need to pay a premium for your products. they can afford to cut price on their hardware. microsoft's hair wear shipments are material on the market. they're there to show good design. it's important that their partners -- >> you could say they're out of touch. you mentioned office. i see now there's a suggestion that actually when the new office suite comes out, it will be licensed. you will pay a monthly subscription in order to have microsoft office. that doesn't seem to be where the bulk of the market is at the moment. that's not what consumers are doing, generally in their lives, is it? >> actually, simon, 20% of office's consumer, you know, 80% is enterprise, and 60% of enterprises are on subscription already. so there is a pretty significant migration to subscription that's well along. so
CNBC
Jan 23, 2013 1:00pm EST
election and fact that a majority of the american public want to see taxes raised on the wealthy and indeed that has happened, you wonder whether or not the attorneys don't have a point. >> you know, it is a novel argument. there is precedent in a legal system for sp kind of prejudice against the defendant and what they are arguing here is that this prejudice wasn't race based or any other gender base. what we usually hear, it is class based. if you look at the media coverage leading up to and during the trial there was a lot of focus on his wealth and jurors were aware of that. they may have an arg a upt here, but it'll be a tough one to prove. >> yes, indeed it will. i know you will follow it for us. thanks, robert. >>> we want to let you know that white house is weighing in on the fact that white house just voted and it welcomes the passage of the debt ceiling suspension but repeats its feeling that it would like to see a long-term extension of the debt ceiling. >>> well, if you have an idea and you would like some big money behind it, don't move. we will see how it comes together in the
CNBC
Jan 24, 2013 5:00pm EST
that. there's still an undertone about a worry in austerity. the tax rates will serve as an anti-stimulus. >> i'll talk about mobile because that's a big growth area for your business. as tablets become much, much more popular out there, what are some of the solutions that verifone offers? and how does that change, more importantly, the mix, and how does it shift the mix in your hardware business? >> well, checking out is not the only place that you pay now, you can pay throughout the store, you can pay in an aisle, you can pay at a roadstand, so our business is flourishing with a number of mobile products for clienteling, which bring the retail clerk and the consumer closer together for opportunities to order off of e-commerce websites in the store to fulfill inventory shortages that you might not have at that time. inventory management, et cetera. so retailers are looking to us for more than just a traditional verifone point of sales systems at the checkout counter, but they're looking for technology throughout the store. that's going to be a very good driver for us in 2013 and
CNBC
Jan 24, 2013 3:00pm EST
perspective, we'd love to see something done on the corporate tax rate here in the u.s. love to keep more jobs here. just got to find a way to solve that problem. >> how does obama care and the health reform affect you as a company? >> well, certainly it provides re people will be covered by prescriptions. that's great news for the entire pharmaceutical space. for our particular company, we don't focus so much on continuous care medicines. we generally focus on women's health, those kind of issues so for us not as great but for other pharmaceutical companies great opportunity. >> we'll let you go. they will be anxious to get you up to the balcony so you can ring the closing bell. your logo is green. why didn't you wear green? >> i wore green for him. >> you're australian? >> yeah, i'm starting to forget it. >> no idea. >> we're about to enjoy the close with 20 minute to go here, and the market is continuing to levitate a bit. >> absolutely. still marching closer and closer to a all-time high. really driving this rally? is it fundamentals or just the fed's easy money? that's coming up
CNBC
Jan 28, 2013 7:00pm EST
better, far better. >> why now? bsds besides the election. we're worried about tax reform. jobs and unemployment. this is catapulted to the front of the line. why now do you think? >> well, big items like this. and this is a big one. need to be done early in a session. even with an issue like this that favors republicans, people get skittish so, i think, if you're going to move something this big, you've got to start early. >> can i -- can i barely call this? as i really want to because i think you're in the right direction. can i say that if done properly and orderly way, this is pro-growth, this is pro-growth, those immigrants come here to work and they'll help us. could it be sold as a pro-growth measure? >> you bet, you bet it can. just on the regular immigration reform that people think about. that's pro-growth, but what you mentioned, few people realize is part of this. on the high-tech side, we have american companies that are having a whale of a time finding enough americans to fill positions in the so-called stem fields. and this would deal with that issue and it would allo
CNBC
Jan 28, 2013 4:00pm EST
different. a lot of revenue and cash was earned due to taxes coming up. so people front loaded earnings, cash money, liquidity that were currently enjoying. but i'm not quite sure we didn't steal from this year and as the year wears on whether that's going to be an issue not going forward. >> you're saying there were so many expectations that we took them from the future and perhaps things slow down later on in 2013? >> i do believe that's a risk factor. and i think also it will depend on what comes out of washington with respect to structure reform in a number of areas too. you know, at the end of the day, we just don't see the base revenue growth on a really exciting basis going forward. we have hints of it, but we're not there yet. companies aren't truly spending. they're still sitting on cash. they paid a lot of dividends last year. they're not hiring people right now. and there's a lot of wait and see. what's the environment going to look like before businesses really get aggressive in business development. i think that could weigh in going forward. the other would be interest rate
CNBC
Jan 24, 2013 2:00pm EST
that the president and other politicians say, should they and can they pay more taxes and share their burden? >> i'm kind after low tax guy. i think taxes are too high. i think middle class has been thriving in spite of an unusually high tax burden. >> if we keep spending to the extent we are and expect entitlements, shouldn't everybody, including middle class, pay more? and it sounds like you are saying they have the ability to do so. >> to the extent we have taxes, they should be distributed more equitableably. >> but let's be clear. let's be clear. you know, they are paying more, right? according to your article, professor, which they are not getting wage gains because the cost of healthcare and other benefits they are receiving from their employer have gone up to the point where they are now 31% of total compensation so if healthcare costs were controlled, people might get raises. they're not because companies are paying the raise in higher healthcare and other benefits costs. >> that is one way in which higher compensation is passed on to workers. but keep in mind, for that, they
CNBC
Jan 24, 2013 6:00am EST
getting out of the eurozone. today, he took a different tactic. we talked about not raising tax rates, but as corporations around the world both affecting issues in the uk and elsewhere are becoming a real issue. i want you to take a look at this piece. >> individuals and bess must pay their fair var. and businesses who think they can carry on, they can keep selling to the uk, and selling uk tax arrangements are for you to wake up and sell the company. >> that comment, by the way, about coffee is actually about starbucks which has created some problems because they've been avoiding taxes in the uk. but take a look at this quote right here. david cameron not making friends. labor mp dennis skinner says it was gruesome for the prime minister to be heading out of austerity-riddled britain to wine and dine at davos with 50 top bankser who helped create the economic crash several hundred tax avoiding milliona e millionaires. >> a lot of people talk today about a report. there was a report earlier this morning that mr. oh lund discovered averting. in total, the report was said to be untrue. we h
CNBC
Jan 28, 2013 2:00pm EST
seems to only talk about spending cuts while democrats seem to only talk about higher taxes. no one is talking about growth. nobody but us, that is. our special series "grow up" begins today. plus, the one stock that nobody seems to understand, but that keeps going up. we have dug out five stocks that have just killed it since the last market peak. the names you probably never heard of until today, that is, mandy. >> that is, indeed. hello, everybody. so many awesome stats it choose from. let me try. today, the magic number is 8. s&p 500 is breaking eight sessions of begins. that the longest in eight years and jumped nearly 8% over the last four weeks. through friday of the 147 s&p companies that reported earnings, 68% had descent che expectations. and this is what you cannot be. the best of the stock market since the mullet of '89. >> that is my college freshman year picture which i tweeted out this morning in honor of 1989. listen, if someone is going to humiliate you, humiliate yourself first. look at that, and yes, a pledge pin on my lapel. wow, that stinks. >> unbeatable. let's ge
CNBC
Jan 25, 2013 4:00pm EST
this. and i'd like to get your take on the tax structure that is most favorable to getting people to be as generous as they can. what could you tell our viewers in terms of what government policy may be able to do to actually encourage more giving and how it can hurt? >> well, the tax deductibility of charitable giving certainly has been a positive factor in why the u.s. is the most generous. people give about 2% of their incomes and that's true it's not disproportionately the richest. across the board americans are quite generous. the estate tax which lets your charitable giving not be taxed is clearly a very positive encouragement to look at giving. i'd say that even more than the taxes, though, the fact that there's more examples of people where -- so everyone is asking themselves, you know, could i be giving you something, the fact that they hear the impact is very strong, i think the kind of social movement is even more, but the tax structure helps. >> what continuing investment is needed at this point? in other words who are the biggest stakeholders you want to reach that you h
CNBC
Jan 27, 2013 7:30pm EST
make decisions. it set a more effective tax system. it reduced taxes going forward. and i think we could have had a booming environment. i may be wrong. that's my own personal belief. if we had a grand bargain, america will take off. i think it's very important for america to get strong. the rest of the world needs us to. europe still has its issues. i think it's important that america kind of took the lead here. >> what does your gut tell you about all of this money moving into stocks recently? do you think this is sustainable? >> yeah, if the economy grows, it's sustainable. you know, it's not just america, it's european, japanese and chinese companies. but you're still buying them at fairly good prices. and your alternatives aren't really that good. so, yes, i'm comfortable owning stocks right now. >> my thanks to jamie di plrksz on. >>> the state of business, the state of investors and the state of europe all part of the conversation here this week from citi ceo to a billionaire philanthropist. here's what they had to say. >> our strategy is really focused around a few of the b
CNBC
Jan 28, 2013 4:00am EST
face? >> more austerity, more -- there are promises in election campaigns that some taxes might be lightened a little bit. but on the whole, italy has no skill for a fiscal expansion. so at the moment, they're going to have to button down, keep spending heightened and keep things right. >> do you think italy is in a better position? >> in the short-term, spain has a more stable government. that's becoming unpopular, but at the moment, there's no threat to the majority of the popular party in spain. >> italy, we have an election coming up and anything could happen. we have a lot of strange things going on. there is a party which is looking like it will get around 15 cents a vote run by a former comedian. there's no clear political agenda, as well. there is a lot of political instability, but i think the long-term economic picture is in less trouble because it has much lower overall debt limits than spain combined. >> and how times have changed on that front. thanks very much for your time this morning. >> thank you. >>> growing market optimism fueled by a string of upbeat earnings h
CNBC
Jan 24, 2013 11:00pm EST
that is apple. how can we keep going higher with the disarray in washington? the higher payroll taxes, and the general sense that the economy's not getting any better. is it? the answer's simple. why you may not think the overall economy is getting better, you're missing the big picture, partner. if you were to ask me to game the market using just one figure, one figure only, it wouldn't be what apple earns, the gross domestic product, the growth rate of earnings or the dividend yield of the s&p, it would be the weekly jobless claims. the weekly jobless claims is an indicator of future employment in this country. there's absolutely no coincidence that we had five-year highs today in the stock market. at the same time that unemployment claims hit five-year lows. it isn't fanciful that the market's roaring because jobs are being created at an accelerating pace. it's the most important determinant of the stock market. after all, the market got crushed when unemployment went above 5.5% and soared right into the great recession. i think these positive jobless numbers are occurring because
CNBC
Jan 29, 2013 1:00pm EST
. to its lowest level in more than a year since january. the reason, higher social security taxes that left americans with less take home pay. the conference board saying its reading dropped to 58.6 in january. that's down from 66.7 in december and the lowest level since november of 2011, ty. >> sue, fed policy numbers kick off a two-day meeting today to discuss the economy and, of course, interest rates. where does wall street see the u.s. economy going from where we are today and what are the biggesthrea to the recovery? steve liesman fresh here with the results of the exclusive cnbc survey. take it away. >> really interesting results, tyler. i was not expecting this. one of the most important questions we ask month to month, what is the probability of recession in the next 12 months. you can see on the fiscal cliff debate shot up to 36%, came down during the winter and shot back up as we went back into the fiscal cliff and debt ceiling debate. it's come down markedly, 20.4%. that's the low as long as we've been asking this question and one of the big edrops we've seen. it comes
CNBC
Jan 22, 2013 4:00am EST
embark on structural reforms, they're talking about tax reforms, as well. this will be a multi layered process and hopefully they'll be in power long enough to deliver some of those changes. i think the market was expecting for the bank of japan to come in .deliver everything that was going to solve all of japan's problems after decades of recession, then they were probably misguided. but for the moment, the reaction we're getting from people who were watching japan is they probably took as many steps as they could today to try and address this decision. >> kaori, stay with us. ed, welcome. you just heard a little bit of the back and forth. what's your own opinion here on what the boj has or hasn't delivered? >> good morning. thanks very much for having me on the show. my opinion is i completely agree with everything kaori said. even more than that, i would say to the viewing audience, look, this is the cramer moment for japan where you bring out the bells and the whistles and you toot the horn and you tweet and you pound the table and you run around the room saying buy, buy, buy. the
CNBC
Jan 24, 2013 9:00am EST
there was selling for tax reasons and things of that nature and the people i have spoken to this morning, who do manage money, say the same. all right. let's watch it today. let it weed out and then perhaps revisit it in a few days. >> a couple of dividend. you talked about how that could help, maybe they actually go in and do a buy back of monstrous proportions. >> that could be around the corner. their next meeting, board meeting, is february, when they initiated the dividend f that's catalyst that's a catalyst. isn't it sad to think this was once the go go growth company and now looking the a possible dividend or buy back as the next catalyst for the shares? my how things have changed. >> that requires a management that thinks there's something wrong with the stock. requires a management to hit the stock, maybe they are, maybe they are not. >> buy back or a dividend, acknowledgments? >> so clear the stock was blowing up during the conference call. very clear, but the company was talking about good product, good product. >> companies don't want to acknowledge they are no longer
CNBC
Jan 29, 2013 3:00pm EST
the budget ceiling and the tax situation that i think gives us a great deal of improvement, but as dandy don used to say when he hosted "monday night live," when it became obvious, he used to sing "turn out the lights, the party is over," and i think that's what's happening now. investors are realizing that the bond market party may be over, and it's time to shift to equities. >> let me ask you again. how are you allocating capital then in. >> we like a lot of sectors in the equity market. we like energy, materials and industrials, and some of the technology names are looking really pretty right now. >> rick, it's a perfect segue to you. he said the bond market party may be over. is it? >> well, no, i absolutely do not think so. here we are still toying with 2% as we get close to record highs in the dow jones industrial average. there's an incongruent relationship there, just like there's an incongruent relationship with the fact that we're talking about the dow near records, and tomorrow morning at 8:30 eastern i'm going to be telling you that fourth-quarter annualized growth was
CNBC
Jan 24, 2013 6:00pm EST
tax fight behind us. plus, the warring political parties seem to have -- it does seem like a truce at hand deferring a ridiculous and harmful government shutdown. throwing a huge turn in china that converts believers every day along with stabilization of europe and multinational companies have at last powered higher. all that good news in the jobs it creates are causing a radical revision in what we're willing to pay for future earnings. that's right, the price to earnings multiple, the ratio of how much we'll pay for the profits companies are going to have down the road is headed north and therefore so are the stock prices. we're willing to pay up because of the prospect that things are, indeed better. let me show you what i mean. let's take the transports. they've been scorching, scorching despite the index being home, beating down trucking companies, worldwide freight plays, and the railroads -- which were just annihilated by an historic decline in the most important cargo, coal. what's happening now if the economy's getting better for the airlines? the seats are being filled, rais
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